Associated Bank Defers Payments For Unemployed

Posted by Orb Staff on May 07, 2009 No Comments
Categories : Mortgage Servicing

Bay, Wis.-based Associated Bank is launching a program that allows some unemployed borrowers to defer monthly mortgage payments for up to a year, [link=http://www.bizjournals.com/twincities/stories/2009/05/04/daily20.html][u]Biz Journals[/u][/link] reports. The program covers borrowers who are not eligible for the Making Home Affordable program, and to qualify for Associated's payment deferment, borrowers must have a first mortgage with Associated, be receiving state unemployment benefits and be seeking employment. The bank owns about 30% of the loans it services, and those are the only loans eligible for the program. SOURCE: Associat

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